In 2024, China's PTA supply will continue to increase, industry competitiveness will intensify, and enterprises will continue to expand the existing PTA capacity and develop in the direction of integration. During the year, Yizheng Chemical Fiber, Taihua Ningbo and Dushan Energy three sets of new plants totaling 7.5 million tons were put into operation, and the total PTA production capacity reached 86.015 million tons in 2024. During the year, the overall operating rate of domestic PTA maintained a high level, and the high start-up of downstream polyester also made the rigid demand continue to be stable, and the PTA inventory pressure was not large. However, there is pressure on the PTA market to obtain profits, and the processing fees of enterprises are basically maintained between 300-500 yuan/ton, and a few times they fall below 300 yuan/ton. Although some enterprises perform negative reduction or maintenance to restore reasonable profit margins, the trend of the cost side still dominates the market, and the domestic PTA exports have increased significantly this year, which has eased the pressure on domestic supply to a certain extent. Based on the current development status of the industry, in 2024 and even in the next few years, the competition in the domestic PTA market will intensify, and the export market will become the next competitive node.

At the same time, the domestic PTA production increased significantly, the main reason for the substantial increase in production is that, on the one hand, many sets of PTA new devices were put into normal operation, the supply increased; On the other hand, the new production capacity of downstream polyester is concentrated and the economic recovery of polyester operating rate remains high during the year, and the overall demand performance is stable, resulting in less maintenance of PTA plant equipment, which leads to stable growth of PTA production.

At the same time of capacity expansion, China's PTA exports have grown, and have direct competition with overseas chemical giants. India as the original primary export area of PTA, India in June last year, India mandatory PTA imports must obtain BIS certification since China's monthly exports to India PTA reduced, but Turkey, Vietnam, Egypt and Oman exports increased significantly, offset the loss of exports to India, the overall export volume of the increase effect is also very obvious; Among them, according to the development direction of the country's "introduction" and "going out", Turkey, as a country to build the "Belt and Road", has greatly increased its imports of PTA from China, and currently ranks first in the total export volume.

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